Goldman Sachs Chief Investment Officer, Sharmin Mossavar-Rahmani, stated in an interview that despite many cryptocurrency enthusiasts claiming it to be a new system of financial democratization, the reality is that key decisions are ultimately driven by a few individuals in power.
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Goldman Sachs CIO: Bitcoin is not an investment asset
Cryptocurrency has never been democratized, only decided by a few
Goldman Sachs CIO: Bitcoin is not an investment asset
Sharmin Mossavar-Rahmani has long held a skeptical attitude towards Bitcoin and digital assets, and even this year’s success of Bitcoin spot ETF has not changed her long-term perspective. According to The Wall Street Journal, she still does not consider Bitcoin to be an asset class:
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Bitcoin is not an investment asset, and I am not a believer in cryptocurrencies myself. If we cannot assess the value of Bitcoin, then how do we view its fluctuations? Our clients also show little interest in Bitcoin.
Cryptocurrency has never been democratized, only decided by a few
Mossavar-Rahmani also criticized the hypocrisy of the cryptocurrency industry, pointing out that although many cryptocurrency supporters claim it to be a new system of financial democratization, the reality is that key decisions are ultimately driven by a few individuals in power.
However, Mossavar-Rahmani’s statement seems to contradict the remarks made by Max Minton, Goldman Sachs’ Head of Digital Assets in the Asia-Pacific region. In an interview with Bloomberg at the end of March, Max Minton stated:
The recent approval of Bitcoin spot ETFs has reignited the interest of Goldman Sachs’ clients, and many of our largest clients have started to become active or explore in the cryptocurrency field. Last year was relatively calm, but since the beginning of this year, we have seen a significant growth in clients’ interest in the cryptocurrency field. Most of the demand comes from Goldman Sachs’ existing clients, mainly traditional hedge funds, but Goldman Sachs is also exploring a “wider range of clients,” including asset management firms and digital asset companies.
In early March, Goldman Sachs announced the end of its bearish stance on the exchange Coinbase (COIN) after nearly two years, but since then, COIN has realized a more than five-fold increase.
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After lowering the sell rating, Goldman Sachs ends bearish stance on Coinbase and upgrades to neutral
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ETF
Sharmin Mossavar-Rahmani
Bitcoin
Goldman Sachs CIO
Further reading
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